If you're a hotel asset manager looking to maximize revenue across channels and enhance the overall value of your property, be sure to avoid these five frequent mistakes: 

Mistake #1.  Not knowing your market share compared to your competitors'. 

When the tide comes in, all the boats rise together. If your revenues are going up, those of your competitors most likely are, too. If their numbers are rising at a higher rate than yours are, a sudden turn in the market can sink your ship. Information is now ample to analyze the competition, research and review market trends, gauge your recent market performance, understand the relative value of your asset, and determine the potential for upside growth.  

Mistake #2.  Not ensuring rate parity across all distribution channels.

In today's multi-channel marketing world, strictly ensuring rate parity across all marketing channels and maintaining a best-rate guarantee are critical to promoting direct bookings. Consumers are exposed to dozens of online travel channels and can shop multiple sites quickly. If your hotel's rates are different on every channel, it might cause confusion and consumers might buy through the lowest rate channel or choose to book another hotel altogether. Rate-shopping tools can help you identify rate discrepancies, and pricing opportunities, wherever your property is presented, from travel Web sites and brand sites to the Global Distribution Systems.

Mistake #3. Depending too much on third-party distribution channels.  

When the Internet emerged as a new travel distribution tool, many hotels became too reliant on third parties. A strong brand Web site can help reduce reliance on third parties and take back control of your pricing, brand promise, customer relationships and ultimately, profitability.  Integrating a state-of-the-art booking engine into your hotel Web site can power your site's room reservation functions by creating an easy-to-use and interactive booking environment-one that readily converts lookers to bookers. Rich digital content can provide a wider selection of hotel amenities and services, enabling guests to customize their stay through add-ons and upgrades. The goal should always be a balanced distribution strategy anchored on growing hotel direct bookings and making the Web site your hotel's key distribution channel.

Mistake #4.  Missing out on the power of search engines

Getting your Web site in front of consumers requires a combined and aggressive search engine optimization and pay-per-click marketing strategy. Search engines are the most effective and most used means for prospective customers to find your Web site. An aggressive SEO strategy is needed to position your hotel Web site at every point of contact with potential Internet bookers. It can ensure your hotel Web site ranks high on the search results page for key search terms. Plus, PPC gives you added page presence, increasing your visibility in the most viewed areas of the page and driving traffic directly to your site--where you can convert shoppers into real revenue.

Mistake #5.  Failing to optimize business mix for profitability.

Your hotel's inventory is its greatest asset. Failing to sell to the right guests through the right channels will result in less profit. Understanding demand from all available channels is a key to achieving a successful business mix. Overselling to lower-rated customers in one segment to fill rooms-and then turning around to sell very high rates to the general public-often results in empty rooms and less profit. Consumers will tell you what the value of your property is, test the market, measure the result and retest.

Steer clear of these five common mistakes!  A strategic approach with the right combination of intelligence and e-marketing tools can help you generate demand, drive long-term profitability, and maximize return on investment for hotel owners.